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| Rt. Hon. Chief Ifeanyi Ugwuanyi |
A
statement by the Chief Press Secretary to the Speaker of the state House of Assembly,
Mr. Emmanuel Nweze, which was made
available to us stated that the state governor, Rt. Hon. Chief Ifeanyi Ugwuanyi applied for the loan to enable the
state pay up outstanding salaries/subventions, pensions, as well as finance
developmental and infrastructural projects.
According
to the statement, N4.2bn would be used to offset arrears of
salaries/subventions and pensions, whereas N10bn was meant for infrastructural
projects. The legislators
passed a resolution to approve the loan following a motion presented by the
House Leader, Hon. Ikechukwu Ezeugwu,
who represents Udenu Constituency.
The
resolution passed by the lawmakers read: “This
Honourable House do resolve to authorise the State Government to obtain loans
of N4,207,000,000 (four billion two hundred and seven million naira) and
N10,000,000,000 (ten billion naira) only, respectively, from Central Bank of
Nigeria (CBN) to liquidate arrears of salaries (subventions) and pensions and
for development of infrastructural projects to be secured by Excess Crude
Account (ECA).”
According
to the statement, the approval was informed by the outcome of the National
Economic Council meeting of June 2015, which authorised the CBN to create a
pool of loanable funds up to a maximum of N10bn for any interested state to
access which would be repaid over a twenty-year period.
It
also stated that the Enugu State Government had earlier applied for the
restructuring of its commercial bank loans, totaling about N6.4bn as of June
2015.
It
added: “When this is approved,
the monthly repayment will be reduced as the tenure of the loans will be
extended over 20 years, thereby leaving reasonable balance monthly for the
state to operate, and as such the repayment of this bailout can still be
accommodated.”
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